Evelo Biosciences Announces 1-For-20 Reverse Stock Split Expected To Begin Trading On A Split-adjusted Basis On June 30, 2023
Portfolio Pulse from Happy Mohamed
Evelo Biosciences, Inc. (NASDAQ:EVLO) has announced a 1-for-20 reverse stock split of its common stock, effective from June 29, 2023. The primary goal of the reverse stock split is to increase the per share market price of the company's common stock to meet the minimum per share bid price requirement for continued listing on The Nasdaq Global Select Market. The company's common stock is expected to commence trading on a split-adjusted basis on June 30, 2023.
June 29, 2023 | 1:07 pm
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Evelo Biosciences' reverse stock split is aimed at increasing the per share market price to meet Nasdaq's minimum bid price requirement. This could potentially attract more investors and improve the company's market standing.
The reverse stock split will increase the per share price of Evelo Biosciences' stock, making it more attractive to investors who may perceive higher-priced stocks as more valuable. This could potentially lead to increased demand for the stock. However, the actual value of the company does not change due to a reverse stock split, so the impact on the stock price in the short term is uncertain.
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